Generally not important. If your external trigger is running hundreds of MHz to GHz speed (repetitive or just edge speed), then maybe you have a reason to terminate, but generally these ports are marked that they need to be terminated when not in use and come with one attached (often physically, to the instrument).
If you actually mean tracking generator, the output frequency could certainly justify it, but these are generally designed to have sufficient protection from running as an open - it is test equipment, after all. They're also usually not all that powerful in terms of maximum output level, so it doesn't take elaborate design or expensive parts for them to be protected from their own output power reflected back.